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Market Blows But Does It Count 8/24/20

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It's 6 AM in NY and early rising traders are getting to their screens and seeing this. The hourly indicators say that they'll be sellers. My guess is that they'll pull it back to 3410 or even 3395 or so by the time NY opens. 

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And they're on the buy side, aiming for resistance at 3425, or even that 5 day cycle projection. 

My version of MACD is at a level that typically leads to a pullback while True Strength Indicator has broken out. 

 

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15 minutes ago, BurntOnce said:

over here in the outer perimeters of screw jersey, more people have died from cancer than covid-19. nothing to see, move on.

Cancer is trend.  COVID is extra death above trend.  16,000 Jerseyites dead of COVID since March. 1,807 per million population is the highest in the US.  

To the grandchildren and children of the dead, that's goddamn sad. 

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Telling all Americans overseas in March to return home immediately, and all through 5 airports, was a death sentence for thousands. Look where the death clusters were in April and May. Near those 5 airports. Mega super spreader events. Atrocious planning.  

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It seems Macro investing is all the rage now. Countless Fintwitt and youtube stars parading dollar melt up, Fed balance sheet expansion  does not create inflation (only commerical bank lending), Primary dealers are only reimbursed with reserves not cash when the Fed buys US treasuries from them (therefore not inflationary) , try to call out these people and the lower the dollar goes the more they become emboldened that the dollar is a rubber band being pulled back and waiting to rip higher.

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They're doing better at keeping people alive now but many suffer long term consequences.  We won't know the  full extent of the long term consequences of this virus for survivors for a couple of years.   

 

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